While most taxpayers are focused on federal and state tax obligations, city taxes can often slip under the radar, leading to potential oversights. AAFCPAs would like to make clients aware that two California city taxes affecting businesses in Los Angeles and San Francisco are due February 29, 2024. Los Angeles City Tax This is a […]
AAFCPAs’ Tomás Pueyo Provides NBC Boston Viewers with Tax Insight
NBC Boston (January 30th, 2024) – In an interview for NBC Boston, Tomás A. Pueyo, Jr., CPA, MSA provided insight on how taxpayers can make the most of their returns. Things like charitable donations, home improvements or rent can all mean deductions or credits on your taxes. Tomas is a member of AAFCPAs Commercial Tax […]
Cybercriminals are looking for ways to capitalize on tax season, with scams on the rise as businesses and individuals prepare to file returns. This means the simple act of opening an email or answering a call could put you at risk of identity theft or return preparer fraud. Making matters worse is a rise in […]
New Tax Relief Bill Could Affect 2023 Filing Season
A bipartisan deal known as the Tax Relief for American Families and Workers Act of 2024 could offer a last-minute extension for previously expired tax credits and breaks. If passed, provisions could affect the current 2023 filing season. Update 2.1.24: Last night, the U.S. House of Representatives passed a bipartisan $70 billion tax relief package. […]
AAFCPAs would like to make clients aware of a new bill that has reached congress titled The Tax Relief for American Families and Workers Act of 2024, a vote for which is anticipated by January 31, 2024. If passed, this bill could amend the due date of Employee Retention Tax Credit (ERTC) filings to January […]
Nonprofit organizations are often thought to be tax exempt. But this is a misnomer, as there are many situations where a nonprofit may have to either pay or collect and remit tax. Private foundations, also under the umbrella of 501(c)(3) nonprofit organizations, are subject to a 1.39 percent net investment tax on their investment income […]
IRS Maintains Existing 1099-K TPSO Reporting Threshold for 2023
AAFCPAs would like to make clients aware that the IRS has announced a delay in implementing its new $600 1099-K reporting threshold for third-party settlement organizations (TPSOs), which include payment apps and online marketplaces like PayPal and Venmo, for calendar year 2023. This postpones the start of a 2021 law requiring that third-party settlement organizations […]
Chicago Extends Lease Tax to Software as a Service
Although states have not been increasing sales tax rates in general, many have begun to expand their tax base as some lawmakers look at expanding the list of taxable items. Some states are looking to tax digital products such as music, book, and video downloads. Many states also tax various forms of software including Software […]
Since the IRS nearly doubled its standard deduction in 2017, a large number of taxpayers no longer itemize and, therefore, do not receive the associated deduction for charitable contributions on their tax return. But taxpayers may still garner a tax benefit from charitable giving with a little creativity. AAFCPAs and AAF Wealth Management advise that […]
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